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A crypto analyst known as PlanB says a metric based on miner activity points to a long-term Bitcoin bull run to $370,000.
According to PlanB, past Bitcoin rallies have begun after large numbers of miners who power the network determine they’re not making a profit and temporarily turn off their rigs. This tends to happen when a Bitcoin bubble bursts and the price of BTC plummets.
By running the math on Bitcoin’s past price movements after the so-called “miner capitulation”, PlanB says he believes Bitcoin is likely to begin a new trend to $370,000 over the next two to three years.
PlanB joins other crypto insiders who see Bitcoin’s price plotting a similar path. In a new episode of the Unchained podcast, Pantera CEO Dan Morehead says his firm’s calculations indicate Bitcoin is on a trajectory toward $356,000 in the coming years.
“It deflated so much that at the beginning of this year, when we were at the trough of the crypto winter, we graphed what it would be like if Bitcoin spent the next 12 months getting back to its trend line and then from there out just stayed at its trend. And its trend has been to grow at 235% compound annual growth rate. At the time, Bitcoin was $3,000 or $4,000 – that put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy.
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But essentially we’re halfway back there, it’s right on the trend line. And I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and in one more year at $356,000. And those [numbers] sound crazy, but our first research piece that we wrote on Bitcoin, we predicted it would go to $5,000. And when it was a hundred bucks, everyone thought that was totally nuts. But these numbers, in two to three years, people will look back and go, ‘Oh ya, that makes sense.'”
Right now, Bitcoin is down 1.75% at $9,808 according to COIN360. Ether is down 0.85% at $219.03, XRP is up 3.16% at $0.3247 and Litecoin is down 0.43% at $93.65.
In the near term, crypto analysts at large say Bitcoin is looking bearish as altcoins search for support.
Bitcoin
CoinDesk – Chaikin money flow indicator suggests BTC’s bullish momentum at five month low
NewsBTC – Bitcoin targets fresh weekly lows after failed breakout
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Ethereum
FXStreet – ETH/USD looking to reclaim $230 resistance level
XRP, Litecoin, Bitcoin Cash, EOS, Tron, Cardano
FX Empire – XRP, LTC, BCH look to hit key levels after slow start to the day
NewsBTC – Crypto market reversing gains: BCH, EOS, TRX, ADA analysis
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